Moody's rates Massachusetts State College Building bonds A1

Moody's Investors Service said it assigned an A1 rating to Massachusetts State College Building Authority's $90 million of project revenue bonds, series 2008A. The outlook is stable.

Sale of the bonds is expected on Tuesday.

Moody's also said it affirmed its A1 underlying ratings on the authority's previously issued revenue bond debt.

That debt includes project revenue bonds, series 2003A, 2003B, 2004A, 2005A and 2006A as well as refunding revenue bonds, series 2004B.

Insuring the bonds are XL Capital for the 2003A and 2003B bonds, MBIA for the 2004A and 2004B bonds, FGIC for the 2005A bonds and Ambac for the 2006A bonds.

The insurers' ratings are A3 with negative outlook for XL Capital; Aaa, on watch for possible downgrade, for MBIA and Ambac; and A3, on watch for possible downgrade, for FGIC.

Moody's also maintains Aa2 ratings on the authority's commonwealth-guaranteed bonds, series 1994, which are backed by a guarantee of the Commonwealth of Massachusetts.

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